Citic Securities Co., China’s largest brokerage by market value, plans to acquire 19.9 percent of Credit Agricole SA’s brokerage units, CLSA and Credit Agricole Cheuvreux, for $374 million.
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HSBC Holdings Plc, the U.K. bank that gets more than half of its profit from Asia, aims to add 2,000 employees in China and Singapore as it accelerates expansion in faster-growing economies, while cutting costs globally.
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China’s growth probably slowed in the first quarter, helping to defuse the risk of overheating in an economy where inflation is estimated to be running at its fastest pace since 2008.
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China’s consumer prices may have risen 4.8 percent in February from a year earlier, the Economic Information Daily reported, citing an unidentified person familiar with the situation.
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China’s manufacturing grew at a slower pace for the third month after the central bank raised benchmark interest rates and curbed lending to cool inflation.
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China’s growth accelerated to a more-than-forecast 9.8 percent in the fourth quarter, adding pressure for more monetary tightening to counter inflation.
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New York, NY, United States (AHN) – Commodities prices for precious metals, oil and agricultural raw materials took the hardest fall in 18 months on news that China might take steps to avert inflation. Prices of commodities futures fell by up to 3.8 percent on news that China’s central bank might increase interest rates. The step is to prevent further inflation there after consumer prices rose by 4.4 percent in October.
Precious metals had been at near record highs before plunging. Gold dropped 2.7 percent to $1,365.50 an ounce on Friday while silver plunged 5.3 percent to $25.94 an ounce and copper fell 2.8 percent to $3.91 an ounce.
Refined sugar in London dove down by a record 12 percent while corn and soybeans on the Chicago market plunged by the exchange limit.
Oil prices also took a dip. Prices for crude oil for December delivery fell 3.4 percent to $84.81 a barrel at midday on the New York Mercantile Exchange while futures in New York dropped by as much as $3.29 on Friday.
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Washington, D.C., United States (AHN) – The decision by the United States Federal Reserve to pump $600 billion into the nation’s economy by buying U.S. Treasury Bonds has sparked international criticism led by Germany and China.
China and Germany represent the world’s second- and fourth-largest economies respectively. In addition, they were joined by Brazil and South Africa in criticizing the “quantitative easing.” Quantitative easing is the economic term for buying assets to attempt to boost the economy and lower unemployment.
However, Germany, China, Brazil and South Africa allege that the scheme will not help the U.S. economy and will instead create more problems in the rest of the world. Quantitative easing is expected to lower the value of the dollar, which will make U.S. exports cheaper in world markets.
That means that U.S. exports would be more competitive against German and Chinese exports.
Indeed, the dollar did plunge in value against several of the world’s currencies on Thursday.
Germany’s Finance Minister Wolfgang Schaeuble on Friday said the U.S. Federal Reserve’s move would undermine efforts to create a level playing field in the currency markets.
China Central Bank chief Zhou Xiaochuan said the U.S. should focus on reforming the international currency system. He argued that if the U.S. central banking policy is good for the U.S., but not good for the rest of the world that it might have a negative impact on the rest of the world.
The U.S. has criticized China for artificially keeping its currency devalued for many years to make its exports cheaper. But China made that move when its country had full employment and a budget surplus. The U.S. central bank is not buying U.S. Treasury bonds to deflate the value of the dollar abroad but rather to try to pour money into the American economy – which currently has a budget deficit – and to stimulate the weak economy to encourage American businesses to hire unemployed American workers at a time of continued high unemployment.
Germany also criticized the move because they said it would add to America’s deficit.
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Washington, DC, United States (AHN) – Graco Children’s Products is recalling about 2 million strollers because of reports of infants becoming entrapped, including four babies who were strangled.
The Consumer Product Safety Commission reports five incidences of babies becoming entrapped in the strollers, resulting in cuts and bruises, and one report of an infant having trouble breathing.
The injuries happened when the babies were not harnessed. An infant can pass through the opening between the stroller tray and the seat bottom, and his head can become entrapped by the tray, according to a CPSC release.
The products in question are the Graco Quattro Tour and MetroLite strollers made before 2008, when the industry voluntarily addressed the height of the opening between the trays and seat bottoms.
The strollers were sold at AAFES, Babies R Us, Burlington Coat Factory, Fred Meyer, Kmart, Meijeres, Navy Exchange, Sears, Target, Walmart and other national stores between November 2000 and December 2007. They were made in China.
Consumers should immediately stop using the strollers and call Graco for a free repair kit at 877-828-4046, or go to www.gracobaby.com. For more information, call Graco at 800-345-4109 between 8 a.m. and 5 p.m. Eastern Time, Monday through Friday.
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When it comes to manipulating currency values, China is hardly alone in the world, writes Businessweek.com columnist Chris Farrell
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